Atlantia mulling short offer period for Abertis - sources
26 SEP 2017
Atlantia [BIT:ATL] could opt for a relatively short offer period for its unsolicited takeover for Abertis[BIT:ATL], according to two sources and a lawyer familiar with the situation. A short timetable would allow Atlantia to complete the deal as soon as possible, the two sources agreed.
Under Spanish law, offers can technically last between 15 and 70 days, the lawyer explained.
The best approach for the Italian infrastructure company could be indeed to wrap up its offer in around two weeks, mainly to fend off a potential competing bid from ACS [BME:ACS], the lawyer suggested. The offer period could still be extended if needed, he noted.
However, it could take some time to explain to investors a deal that is large and complex, a third source warned, adding that the parties could take more time to do that.
The approval of the offer document by Spain’s National Securities Market Exchange (CMNV) is likely to slip into October. It was originally expected to be approved in September, as reported. It’s optimistic to foresee a greenlight in September at this stage, he said.
The offer period is expected to start a day after the publication of the prospectus in local newspapers, according to the lawyer.
Atlantia is offering a EUR 16.5 per share cash offer for 100% of Abertis share capital. As an alternative to the cash bid, it is offering 0.696 shares of the Italian company for each Abertis shares, subject to certain conditions.
Atlantia declined to comment.